Collapsed Due to Crypto? Nope 😏

In today's edition: 🤝 Voyager-Binance.US' deal, 🥇 Russia to undermine sanctions with crypto?, 🟠 a16z's new client, 💲 MEV profits, and more!

April 20, 2023

From our sponsor

Unchained Daily is brought to you by ICON.

Bringing next-gen interoperability to multiple cross-chain protocols.

What are ICON's BTP and xCall service?

Is ETH a Security? Vote Below!

What’s Poppin’?

by Samyuktha Sriram

Voyager’s committee of unsecured creditors reached an agreement with the U.S. government for Binance.US to acquire $1 billion worth of the bankrupt firm’s digital assets.

A new cash management pool from Maple Finance aims to provide participants with direct access to U.S. Treasury yields, while meeting liquidity and risk requirements.

Engineers at a16z are working on a Rust-based consensus client for Layer 2 blockchain Optimism.

An MEV bot controlled by “jaredfromsubway.eth” has become the top gas spender on Ethereum and made more than a million dollars from executing sandwich attacks.

Daily Bits…✍️✍️✍️

  • Democrats expressed skepticism over a draft stablecoin bill during the first House Financial Services Committee hearing on the issue in 2023, questioning the likelihood of passing U.S. stablecoin legislation.

  • The Bank of Russia is developing a bill to create an "experimental legal regime" for cryptocurrencies, which will be exclusively used in export-import transactions, while maintaining a ban on crypto trading and payments within the country, according to the central bank's head, Elvira Naiullina.

  • New York’s head banking regulator Adrienne Harris denied claims that Signature Bank's failure was due to its crypto exposure, attributing it instead to customers withdrawing funds after Silicon Valley Bank's collapse.

  • US prosecutors are seeking a minimum seven-year prison sentence for Reggie Fowler, the alleged operator of shadow bank Crypto Capital Corp., who pleaded guilty to bank fraud, wire fraud, and conspiracy in connection to losing millions of Bitfinex's money.

  • Faruk Fatih Özer, the founder of collapsed Turkish crypto exchange Thodex, was extradited to Turkey and arrested in Istanbul after being detained in Albania last year following an Interpol red notice.

  • A Hong Kong court recognized cryptocurrency as property "capable of being held on trust" in a case involving the closed exchange Gatecoin.

  • Soulja Boy was accused of promoting multiple scam NFT projects on social media, according to research by internet investigator ZachXBT, who found 73 promotions and 16 NFT drops by the rapper, many of which turned out to be scams.

  • Helium successfully migrated to the Solana blockchain, minting nearly 1 million NFTs to represent each physical hotspot node running on the crypto wireless network.

Today in Crypto Adoption...

  • SG Forge, Societe Generale's crypto division, launched EUR CoinVertible (EURCV), a euro-pegged stablecoin on Ethereum.

The $$$ Corner…

  • Karate Combat raised $18 million in a funding round to advance its product, with plans to launch Karate Combat apps on iOS and Android and a KARATE token on the Ethereum and Hedera networks.

  • Mawson Infrastructure is set to sell its Texas-based Bitcoin mining sites to Singapore's Mainnet Capital for $8.5 million, with the funds being used for debt reduction and growth across other sites.

  • Yoz Labs secured $3.5 million in funding to develop a Web3 notification system, with Electric Capital leading the round.

What Do You Meme?

Learn 🤓

Proof-of-work has established itself as a secure consensus mechanism, but its energy-guzzling problem is pushing networks toward proof-of-stake.

📈 Your Market Update 📉

  • BTC is down 1.2%, trading at $28,849

  • ETH is down 1.3%, trading at $1,956

  • BTC dominance: 44.41%

  • Crypto market cap: $1.26 trillion

*All data as of today, 7 am ET

Recommended Reads

⛓️ Join Unchained Premium to get access to:

  • 🎙️ Behind-the-scenes interviews, in which I talk with crypto experts and entrepreneurs to learn all about the latest developments in the industry.

  • 💬 A subscriber-only Telegram group, where you can talk with the other members of the Unchained community, build a network in crypto, and talk directly with me and the Unchained team!

  • 📰 Transcripts of all the shows, for subscribers only.

If You Like What You Read: